TeleSonera increases ownership in Ncell

Telecoms company TeliaSonera announced today that it has increased its ownership in TeliaSonera Asia Holding BV from 51 per cent to 75.45 per cent and will pay around SEK1,100m for the shares.

TeliaSonera Asia Holding BV -- a Dutch holding company -- owns 80 per cent in Ncell in Nepal and 100 per cent in Applifone (Star-Cell) in Cambodia.

Under the transaction, TeliaSonera will increase its indirect ownership in Ncell from 40.8 per cent to 60.4 per cent and if certain conditions are met, will also acquire the right to further increase its ownership in Ncell to 72.9 per cent.

The company also said that, subject to final approval by Cambodian authorities, Star-Cell is to combine its operations with Latelz Co Ltd under the Smart Mobile brand to become a stronger operator in the Cambodian market with over 850,000 mobile subscribers. As a result of this transaction, TeliaSonera Asia Holding BV will own 25 per cent of the new company.